When you get a chance to chat with the CUSO Guru, you grab it! And that’s just what CRMNEXT’s own Joshua Barclay did at NACUSO’s 2021 Conference.
Lucky for our Banking on Experience listeners, he recorded the conversation to share with you!
The importance of NACUSO’s 2021 event and of CUSOs as a whole.
It’s been 2.5 years since NACUSO’s been able to hold their event, so the importance of this one was massive. In Guy’s opinion, it’s all about networking and the connections made “mostly in the cocktail lounge with a cocktail and a napkin.”
And when it comes to CUSOs, our Guru covers a whole lot that you’ll want to tune in for. But in a nutshell, “It’s really hard to run a financial institution these days on the net interest margin. So CUSOs are needed to give a greater scale, if you will, to credit unions.”
How Guy became the Guru: a peek into his history.
Guy thinks the Guru title (initially given to him by Shawna Luna, Director of Operations at NACUSO) may have something to do with the fact that he lives on a mountaintop and has a beard. 😉
He became a board member of NACUSO 35 years ago, and the entrepreneurial side is really what’s kept him engaged. As he humbly puts it, “If you’re there in the beginning, eventually they think you know something. The key in all experts is to be able to stay one lesson ahead of the students, and that’s what I’ve been able to do over the years.”
Predictions on the impact of recently expanded CUSO powers.
Guy feels encouraged that the NCUA has expanded the powers of CUSOs to allow them to make any types of loans that a credit union can make, as it ultimately strengthens CUs. In his words, “The world has changed, and the regulation has to change to keep up with it and to keep credit unions in the picture when services are needed.”
Innovation and Staying Relevant: Top Tips for CUs.
Once again, you’ll really want to lean in for Guy’s advice here. But, put simply:
- You’ve got to have the service-industry mechanisms that work – the mobile apps, the ability to connect quickly to financial service providers.
- Have a much more open mind as to what financial services means in this world. Then step up and take some risks, or you’ll fall behind the curve.
- Make sure the opportunities for getting digital deliveries of services are there in the beginning, or you’ll lose the next generation. And when that happens, as Guy says, “You might as well decide exactly when you’re going to merge out of existence.”
What excites Guy most about his role with NACUSO.
Our Guru “failed miserably at retirement” (his words!) He’s on three CUSO boards and is the CEO of NACUSO Business Services, which was created at NACUSO to find new ways for people to connect between conferences.
They’ve created a digital platform called the NACUSO Marketplace, which helps people learn more about what others are doing and—with that info—reach out and connect. It’s free for NACUSO members to post, free for credit unions to search, and in Guy’s view, “fulfills our mission to help credit unions navigate in this crazy world we live in.”